2009: How To Start The Chinese Capital Year?

Through this period of efforts from top to bottom, especially the central government's policy of expanding domestic demand, the capital market regulatory authorities have moderately guided market expectations by issuing relevant policy information. Our economic difficulties and financial difficulties have already met several key practical conditions.

A regular attitude can get twice the result with half the effort, and subjective slack may lead to a new opportunity to get out of trouble or to bring about new economic problems.

In this regard, the notice issued by the Shanghai Stock Exchange on the specific matters concerning the implementation of the relevant provisions of the "Regulations on the acquisition of listed companies" has incorporated the share trading of the bulk trading system into the jurisdiction of the listed company's acquisition management method, and the shares of investors and their owners who have rights and interests have not changed to a legal proportion. However, the shares that have their rights and interests are less than 5% of the issued shares of the listed companies. The provisions of the announcement of the announcement by the listed companies in the three trading days from the date of the fact are undoubtedly a good start for the capital market system construction at the beginning of the new year, which is conducive to the further innovation of the bulk trading system.

2009 coincided with an important strategic opportunity period for capital market development. On the one hand, faced with the current crisis, including capital crisis, credit crisis, maintaining capital market stability and credit market stability and development, China's capital market and China's economy were more than half stable. On the other hand, domestic and foreign experience in economic development proved that many economic problems in most countries were caused by inadequate knowledge or excessive optimism.

In fact, in the stability of the capital market and serving the overall economic situation of expanding domestic demand, we should face up to the danger of capital and think more about everything and take precaution against it. Even if we think of the worst result, it has proved to be the most effective way to cope with the economic crisis and restore the vitality of our economy as soon as possible.

China has its own national conditions, especially in 2009. It is a year for new China to carry forward the past and future. In addition to the recovery of the economy as soon as possible, in order to avoid all kinds of economic problems, and to meet the 60 years of the founding of the people's Republic of China, this is an opportunity. But it is also a challenge. If we do not face up to the danger and stay in peace and danger, how can we get out of the predicament of Daqing?

After all, optimism, especially blind optimism, is impossible for itself to change the capital structure and the overall fundamentals of the economy, and to lead the Chinese economy out of the woods.

In the face of the negative impact of the US financial crisis on the global economy including China in the 2008, the priority of China in 2009 is, of course, to restore confidence in the public market as soon as possible by encouraging consumption and starting domestic demand. But the more important thing is to face up to all kinds of economic crises. Then, on the basis of this, we draw lessons from the relaxation of financial regulation in the United States, and set up a disaster early warning firewall in various fields in the field of national economic security, such as financial instruments, non-standard, unrestrained innovation firewall, and implement the security credit policy, so as to minimize the economic crisis, "press the gourd to float the bucket", or replace another crisis with a new crisis, and finally, it will outweigh the gains.

In 2009, the world, not just the United States, is watching China's economic dances. China must not increase its "savior complex", or even commit itself to things that cannot be done by itself.

China has its own problems and troubles. China should face up to all kinds of difficulties in reality and make some unexpected opportunities for bilateral negotiations because of all kinds of difficulties.

Specifically, in China's capital market, in addition to grasping the opportunities of international and domestic mergers and acquisitions brought about by the current predicament, the most important thing in 2009 is to actively use various time windows and policy windows to implement all kinds of outstanding key basic systems as soon as possible, such as group litigation system, securities arbitration system, stock index futures system and qualified investor system.

Yang Jing: editor in charge